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218Ratification Number: 46Act Number: 27Type of Legislation: General Bill GBIntroducing Body: SenateIntroduced Date: 20010125Primary Sponsor: LeathermanAll Sponsors: LeathermanDrafted Document Number: l:\council\bills\bbm\9850htc01.docDate Bill Passed both Bodies: 20010412Governor's Action: SDate of Governor's Action: 20010529Subject: General obligation bonds, sale of, bids on, advertisements; State Government, Procurement Code, Budget and Control BoardHistory Body Date Action Description Com Leg Involved ______ ________ ______________________________________ _______ ____________ ------ 20010611 Act No. A27 ------ 20010529 Signed by Governor ------ 20010523 Ratified R46 House 20010412 Read third time, enrolled for ratification House 20010411 Read second time, unanimous consent for third reading on Thursday, 20010412 House 20010405 Committee report: Favorable 30 HWM House 20010312 Introduced, read first time, 30 HWM referred to Committee Senate 20010308 Read third time, sent to House Senate 20010215 Read second time, notice of general amendments ------ 20010215 Scrivener's error corrected Senate 20010214 Committee report: Favorable 06 SF Senate 20010125 Introduced, read first time, 06 SF referred to Committee Versions of This Bill Revised on February 14, 2001 - Word format Revised on February 15, 2001 - Word format Revised on April 5, 2001 - Word format
(A27, R46, S218)
AN ACT TO AMEND SECTION 11-27-30, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE ISSUE OF STATE GENERAL OBLIGATION BONDS, SO AS TO PROVIDE FOR THE METHODS OF ADVERTISING THE SALE OF THE BONDS, TO ALLOW THE STATE BUDGET AND CONTROL BOARD TO RECEIVE BIDS FOR THE BONDS IN A FORM THE BOARD DETERMINES, AND TO ALLOW THE PRIVATE SALE OF BONDS IF NO BIDS ARE RECEIVED OR IF ALL BIDS ARE REJECTED.
Be it enacted by the General Assembly of the State of South Carolina:
General obligation bonds
SECTION 1. Section 11-27-30 of the 1976 Code, as last amended by Act 65 of 1991, is further amended by adding at the end:
"9. Notwithstanding any other provision of law, state general obligation bonds may be issued in accordance with the following:
(a) The bonds must be sold at public sale, after advertisement of the sale in a newspaper having general circulation in this State or in a financial publication published in the City of New York, as determined by the state board. The advertisement must appear no fewer than seven days before the occasion set for the sale and may set as a date for the sale a fixed date no fewer than seven days following publication, or in the alternative, may advise that the sale date will be at least seven days following the date of publication. If a fixed date of sale is not set forth in the advertisement as published in accordance with this item, the date selected for the receipt of bids also must be disseminated via an electronic information service at least forty-eight hours before the time set for the receipt of bids. If a fixed date of sale is set forth in the advertisement, it may be modified by notice disseminated via an electronic information service at least forty-eight hours before the time set for the receipt of bids on the modified date of sale. No bonds may be sold pursuant to this item on a date which is more than sixty days after the date of the most recent publication of advertisement relating to the sale. Bids for the purchase of bonds may be received in the form determined by the state board.
(b) The bonds may be disposed of at private sale if there are no bids received or if all bids are rejected."
SECTION 2. This act takes effect upon approval by the Governor.
Ratified the 23rd day of May, 2001.
Approved the 29th day of May, 2001.
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